The US economy is surging
, according to Federal Reserve Chair Jerome Powell on Wednesday.
"Compared to the first quarter, the acceleration in GDP in the second quarter primarily reflected an upturn in private inventory investment and an acceleration in nonresidential fixed investment," Thursday's news release from the Bureau of Economic Analysis said."These movements were partly offset by a downturn in exports, and decelerations in consumer spending, federal government spending, and state and local government spending. Imports turned down.
"General labor market resilience, moderating inflation and gently slowing final demand growth offer hope of an economic soft landing," Daco said."With headline inflation cooling rapidly, real wage growth is turning positive providing a tailwind to consumer spending."
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